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Malaysia lowers August crude palm oil export tax to 5.5pc

Malaysia had last raised the tax to 6.5 per cent in July after earlier lowering it for three consecutive months. — Reuters picKUALA LUMPUR, July 17 — Malaysia, the world’s second-largest palm oil producer after Indonesia, will lower its crude palm oil export tax to 5.5 per cent in August from 6.5 per cent in July, according to a government circular today.

The South-east Asian nation calculated a palm oil reference price of RM2,699.54 per tonne for August. A price above RM2,250 incurs a tax, which starts from 4.5 per cent and can reach a maximum of 8.5 per cent.

Palm oil benchmark prices were last down 0.04 per cent at RM2,550.

Malaysia had last raised the tax to 6.5 per cent in July after earlier lowering it for three consecutive months. — Reuters